In this video Senator Elizabeth Warren discussed the unfairness of credit card bank practices.
Financial problems bring on emotions. There is no doubt about it. Feelings of fear, pressure, guilt, and lack of control and cannot-pay-debts attitude are common. When we cannot afford to pay all of our monthly bills, we fear the future. I have been there. It seemed like bankruptcy was the only way to solve my credit card debt problems and clear the feelings of helplessness that occupied my mind. We tend to make erroneous, negative assumptions about what the future can hold for us if we cannot pay debts and monthly bills. Some feared outcomes are real; a foreclosed mortgage, shut-off utilities, no more health insurance. But in the case of credit card debt, our fears are worse than the reality of what will happen.
Credit Card Debt Problems In Perspective
The biggest problem when you have too much credit card debt is succumbing to those negative emotions of fear and guilt about paying off the debt. The worst that can happen is a judgment against you for the creditor and a possible bankruptcy. But that will only happen if you do nothing and submit to debt collectors because you owe the debt. Major credit card companies are in the debt business and their chances of winning increases if you remain ignorant, fearful and uninformed. If the non-payment of credit card debt is your only financial problem, you need to educate yourself before you allow your emotions to cause you to file for bankruptcy to get protection from debt collectors and collection attorneys pursuing you for credit card debt.
The FDCPA Can Protect You From Major Credit Card Companies
Educated consumers who cannot pay their credit card debt need to understand their rights under the Fair Debt Collection Practices Act. With the FDCPA they can frustrate debt collectors and collection attorneys that represent major credit card companies with properly written letters in response to collection notices. They can cause these debt collectors to decide to spend their time with less well-informed consumers in debt. That is because they can put debt collectors and collection attorneys on notice and force them to document any alleged debts should they decide to pursue matters in court. It is well known that debt collectors are powerless and that collection attorneys have great difficulty documenting credit card debt and accounting for the alleged balance they claim is owed to the standards required by a court of law. This is good news and should encourage you to stop feeling guilty and fearful about unpaid credit card debt. The key to finding credit card debt relief when you cannot afford to pay the debt is getting control of your emotions first by educating yourself about credit card debt collection.
If you are looking for credit card debt relief options because you cannot afford to pay your credit card debt, you need to understand the comparatively pleasant reality of non-payment without bankruptcy. Read the posts and pages here.